The Real Deal - New York Real Estate News

Brooklyn, Queens lease signings soar, as do Manhattan rents

Posted: 09 Dec 2021 04:00 AM PST

Manhattan rents jumped and lease signings soared in Brooklyn and Queens last month. Renters signed more November leases in the two outer boroughs than they have in more than a decade, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Brooklyn renters inked 1,361 leases, up 21 percent from last year and 55 percent from November 2019. In Northwest Queens, 369 leases were signed, up 102 percent from last year and 58

Northeast Capital JV grabs Stamford office campus for $235M

Posted: 08 Dec 2021 04:12 PM PST

An office complex in Stamford, Connecticut, is trading hands in what is reported to be one of the priciest transactions in Fairfield County in recent memory. A.M. Property and Northeast Capital Group are buying the 557,000-square-foot campus from Building and Land Technology for $235 million, CT Insider reported. The site includes interconnected buildings at 200 Elm Street and 695 East Main Street. The joint venture required considerable financing to close the deal on the Class

Shvo launches sales at Mandarin Oriental condos on Fifth Ave

Posted: 08 Dec 2021 02:08 PM PST

Sales have officially begun at Michael Shvo’s Mandarin Oriental condo project on Fifth Avenue. The upscale, 69-unit development at 685 Fifth Avenue is the first residential-only property managed by Mandarin Oriential on the East Coast. In addition to fully furnished, move-in-ready units, residents will have exclusive access to a private restaurant and bar run by celebrity chef Daniel Boulud. Other amenities include a fitness center with steam, sauna, and treatment rooms; a private rooftop pool

US mall values plummeted by one-third in 4 years

Posted: 08 Dec 2021 01:00 PM PST

New data on United States mall values are the latest sign of how far the once-glorious retail centers have fallen. Malls have lost a third of their value in the past four years, according to Green Street data reported by Bisnow. Class-B and Class-C regional malls reportedly suffered the greatest value declines. The findings are similar to a Fitch Ratings report in June that said valuations of CMBS specially serviced retail-associated loans dropped 34 percent